Question
Question:
| Anwar owns a rental home and is involved in maintaining it and approving renters. During the year he has a net loss of $17,300 from renting the home. His other sources of income during the year were a salary of $120,000 and $12,700 of long-term capital gains. |
| How much of Anwar |
Answer
Maximum Deduction before Phase Out = 25000
Phase out of Maximum Deduction = (120000 + 12700 – 100000)*.5 = 16350
Maximum Deduction in Current Year = 25000 – 16350 = 8650
Rental Loss (Current Year) = 17300
Rental Loss (Deductible in Current Year) = 17300 or 8650 whichever is lower.
Answer is 8650.
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